When Trying to install a update you get "The expected version of the product was not found on the system."

I came on my test environment across this problem when trying to install the latest update I've got the error message: "The expected version of the product was not found on the system" this can occur on Project 2007 and 2010.

Running the following command from the command prompt will do the trick "office-kb.exe PACKAGE.BYPASS.DETECTION.CHECK=1"

Thank you, Raymond! Worked great on my Win 8.1. I had a trouble with Word 2007 missing some spaces in docs created in Word 2010, so I wanted to install the Service Pack 3 to solve the problem, but could not because of that error. Now it’s fixed!

I have office 2010 SP2 14.0.7015.000 (32-bit)
when KB didn’t install, i did as you said
osetup2010-kb2553378-fullfile-x86-glb.exe PACKAGE.BYPASS.DETECTION.CHECK=1

it does run and said installation is completed,
but no version number changed within office File-Help,
nor is Windows Programs and Features is showing the number of this upgrade in installed office updates.